Senior Settlement Assistance Affects
Receipt of payment under a senior settlement may affect your eligibility for public assistance programs, such as medical assistance (Medicaid), aid to families with dependent children, supplementary social security income, and AIDS drug assistance programs; and it also may be taxable and subject to claims of your creditors. Before applying for a life settlement, you should consult with the appropriate social services agency concerning how receipt could affect your eligibility and that of your spouse or dependents; and because of the potential tax consequences, please consult with a tax advisor.
Entering into a senior settlement contract may cause other rights or benefits such as disability waiver of premium benefits that may exist to be forfeited by the owner; assistance should be sought from a financial advisor before pursuing and completing this transaction.
If you need more details or have additional questions, please contact us.
